What will be the answers for Part 1b?
AutoSave OF AAOO... UG-ACCT-200-Financial-Statement-Homework-Assignment - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Acrobat Table Design Layout Tell me Share Comments Calibri (Bo... 12 A A Aan EvEvp 41 AaBbCCD AaBb CcDd AaBbccDd AaBb CcDdE Acbbcode Peale B ! | v 4 8 x = = 3 Harding Handing Hracing Handling? AO Normal Dictate $ Sensitivity Styles Pane 1,500 42,000 14.000 18,000 Francis Company, Inc. December 31, 2017 Unadjusted Trial balance Cash 45,000 Accounts Receivable 23,000 Allowance for Doubtful Accxunts Short Term Note Receivable 84,000 Interest Receivable 0 Supplies 5,000 Prepaid Insurance 40.000 Inventory 12.000 Vehicle 16,000 Equipment 75,000 Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Terrn Notes Payable Common Stock Retained Earnings (1/1/2017) Dividends 3,000 Sales Sales Returns & Allowances 2,300 Sales Discounts 1,900 Cost of Goxx's Sold 45,500 Delivery Expense 2.000 Depreciation Expense 16.000 Bad Debt Expense 0 Rent Expense 98,300 Insurance Expense 40,000 Wages Expense 200,000 Supplies Expense 15.500 Interest Revenue Loss on Disposal 0 Interest Expense 6,500 Income Tax Expense 36,000 Tolal 787,000 7,000 65,000 106,000 2,500 511,000 0 767.000 Page 2 of 10 641 words LE English (United States Focus ES 103% AutoSave OF A A O O ... UG-ACCT-200-Financial-Statement-Homework-Assignment - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Acrobat Table Design Layout Tell me Share Comments Calibri (Bo... 12 A A Aan :Ev=v=v 4 AaBbCCD AabbCcDd AaBb CcDdl AaBbCcDdE ABb Cr die Peale 3 = = Harding B ! | x 3 x x Heading Handling? Hracing Neemal ADA Dictate $ Sensitivity Styles Pane Frank, Inc. December 31, 2017 Adjusted Trial balance Debit Credit Cash 48,000 Accounts Receivable 38,900 Allowance for Doubtful Accounts 2,000 Short Term Nole Receivable 50.000 Interest Receivable 1,350 Supplies 5,000 Prepaid Insurance 52,000 Inventory 6,500 Vehicle 16.000 Equipment 37,000 Accumulated Depreciation 12,000 Accounts Payable 28,000 Unearned Revenue 14,000 Wages Payable 2,000 Long-Term Notes Payable 55,000 Common Stock 114,000 Retained Earnings (1/1/2017) 2,500 Dividends 2,000 Sales 519,500 Sales Retums & Allowances 13.000 Sales Discounts 3,000 Cost of Goods Sold 59,500 Delivery Expense 5,000 Depreciation Expense 19.000 Bad Debt Expense 2,600 Rent Expense 102,000 Insurance Expense 25,000 Wages Expense 195,000 Supplies Expense 16,000 Interest Revenue 1,350 Loss on Disposal 7,000 Interest Expense 2,500 Income Tax Expense 44,000 Total 750,350 750,350 Page 3 of 10 641 words LE English (United States Focus E ES IVO AutoSave AA2GO... UG-ACCT-200-Financial-Statement-Homework-Assignment Home Insert Draw Design Layout References Mailings Review View Acrobat 9 Tell me Share Comments Times New... v 12 A A Aay ! AaBBCCD AaBb CcDd AaBbccDd AaBbCcDdE ABCD de Pagic BU 3 X X Hunding 3 == Handing ADA A Handling: Hracing Normal Dictate Sensitivity Styles Parte 1. On Dec. 21, 2017 merchandise was sold on account for $16,500 with a cost of SS, SO terms 3710 net 10. Accounts Receivable 16500 Sales 16500 Cost of guods sold 5500 Litwalory 5500 2. The company issued a 6 h. 12% interest shurt-term mole receivable for the amount listed on the unadjusted trial balance on Oct. 1, 2017. All interest and principal will be paid back at the cand of the 6 months. Write the adjus.ing journal entry required for ils Linancial state.cals as of Dec. 31, 2017 Interest Receivable 2520 Interest Reserve 2520 3. Uucolloctable Accounts Reocivables of S1,600 good to be witch off for the year ended 2017 Bad Delot Expense 1600 Accounts Roovivable 1600 4. Management estimates that of the remaining accounts receivable balance. S2,000 will be uncollectible. Record the adjustment hased on this information. Hint Use the AFDA halance AFTER the ahove write off during 2017. Use an ATDA T-account! Bad Debl Expose 2100 Allowance For Doubtful Account 2100 S. A piece of equipment wns retired on Dec, 21, 2017. The equipment originally cost $34,000 and has related A/D of $24.000 as of Jan 1, 2017. Additional devreciation af $3,000 ineeds to be recorded on this piece of equipment at Dec 31, 2017. Linate the depreciation below (). Then record the retirement (116) Depreciation Expeus 3000 Accumulated Depreciation 3000 f. Record the retirement of the equipment (from 15) including the gain or loss. Accumulated Depreciation 27000 Loss On Retirement of equipment 7000 Equipment 34000 Page 4 of 9 668 words CE English (United States Focus ES 103% AutoSave OF A A O O ... UG-ACCT-200-Financial-Statement-Homework-Assignment - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View Acrobat Table Design Layout Tell me Share Comments Calibri (Bo... 12 A A Aay A EvEvp 41 AaBbCCD AaBb CcDd AaBbccDd AaBb CcDdE Acbbcode Hunding 3 Handing Peale 40 x x = = Handling? Hracing Neemal * AOA Dictate $ Sensitivity Styles Pane Part 1b: Post the adjusting journal entries to t-accounts: (Specific instructions: Above each T-account, write the account name of each account affected by a journal entry. Write in the unadjusted balance for each of these accounts (from page 1...the unadjusted balance might be a debit, a credit, or zero balance. Now you are ready to post your journal entries from page 2 onto the corresponding T-accounts and then calculate adjusted balances.) Page 5 of 10 641 words LE English (United States Focus ES 103%
